A: Companies that have a longer term strategic plan (3+ years) have a significant competitive advantage in challenging economic times. They have already gone through the exercise of indentifying/prioritizing key initiatives and know where to apply their limited resources. (i.e., $’s, people). They already have a clear vision for the organization (i.e., what will the company look like in the future)? In most cases, a recession may slow down the rate at which a company moves forward, but more often than not, a depressed economy does not change the direction that a company should pursue. Bottom line, in a recession, stay the course – cut your expenses but do not change you direction.
Here are a few resources to help you focus on the big picture and overcome the recession blues:
If we weren’t already 24/7, it’s now 24/7 cubed with social media, endless Twitter and non-stop meetings. Many entrepreneurs are busier than ever. The question is are we focusing our energy on what matters most?
“Energy not time is the primary currency of high performance,” say Jim Loehr and Tony Schwartz authors of the Power of Full Engagement.
Entrepreneurship is about energy, enjoyment and endurance–a journey.
Three tips: 1) Don’t reinvent the wheel. 2) Surround yourself with supporters. 3) Plan for staffing needs (contractors then employees).
Pause. Think about direction. Identify what can make it easier for you to succeed on your journey. Get a SCORE mentor as your coach.
And, if you are new to business enter this $10,000 award contest.